President Mohamed Nasheed addressed the 6th World Islamic Economic Forum in Kuala Lumpur yesterday, outlining the links between Islam and trade and expressing hope that the forum, and commerce between Muslim countries, will grow in the future.
The forum, which was held from 18-20 of May, was a platform for governments of Muslim and non-Muslim nations, and business leaders, to meet and discuss trade and economic issues.
This year’s theme, Gearing for Economic Resurgence, focused on the role of Islamic banking and financing, and how it can play a role in building a more stable global finance system.
Speaking at the forum, President Nasheed said he believed it was “appropriate that modern day Muslim nations meet to trade and invest with one another.”
He added it was important to “forge ties with nations of other faiths, just as Muslims have done over thousands of years.”
Nasheed noted that “it was through trade and commerce that Islam was introduced to many parts of the world.”
The spice trade brought Islam to Central and South East Asia, China, and Sub-Saharan Africa, he continued, and it was trade that brought Islam to the “then Buddhist Maldives.”
Arab merchants were attracted to the Maldives in the 12th century when they found out about the “abundant supply of Cowry shells…[which] were used at the time as an international currency. “
Because of the islands’ geographic location, said Nasheed, many merchants also stopped in the Maldives during their travels from the Spice Islands to the Middle East, and waited for the monsoon.
President Nasheed noted that the famous 14th century explorer, Ibn Battuta, also came to the Maldives during his travels and was “impressed by combs made from turtle shell, as well as rope and fibres, which were exported abroad.”
Nasheed reiterated that Islam and trade have always been closely tied, as “in the past, trade brought Islam, and Islam brought greater trade. To my mind, Islam and commerce are synonymous.”
Moreover, he said, “Muslim people have a strong culture of commerce” and the Qur’an was “explicit about correct terms of trade and commerce.”
President Nasheed said although “some people belittle Muslims and Islam—they like to portray Muslims as backward and impoverished people,” he believes “the signs of growing Muslim prosperity are everywhere: from the glittering desert cities of the Arabian peninsula, to the vibrant export economies of Malaysia and Indonesia.”
He added that, “as Muslims, we can be confident in trading and investing with one another.”
Open economy
Although the Maldives’ economy was once “relatively closed”, the president told the delegates, the current administration had “introduced a radical programme of privatisation and public-private partnerships.”
“We believe that the free market is the most efficient and effective mechanism to deliver goods and services,” he said. “We are offering investment opportunities across the board: from housing to hotels; from energy to education.”
The president said historically Maldives “exported cowry shells and provided respite for sailors. Today, the mainstays of our export-oriented economy are tuna and tourism.”
He added that Maldivian tuna is “caught sustainably” by pole and line, making it “some of the best tuna available on the market.”
A ruling made in March by the Cabinet has now allowed long-line fishing for Maldivian vessels, which is more harmful to the environment. Although the government has defended its decision, there are still concerns from the fisheries industry and environmentalists that long-lining will adversely affect the industry and the environment in the Maldives.
President Nasheed ended his address by saying Maldivians and other Muslims have “always been entrepreneurial people” and the “dynamism and creativity of the Muslim peoples” should be harnessed and built upon.
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Oh, yeah?
Let me see if your tongue is in your cheek!
heheheh ehentha!?Way to accept and surrender to God and commerce are synonymous !!!!????OMG
Oh, boy!! Is he still stuck in the 20th century's Adam Smith crap?? "free market is the most efficient and effective mechanism"???
Today, the whole world is standing up against this misguided faith in the 'invisible hand' of the unregulated free markets! The whole world is screaming 'Regulate, baby, REGULATE'!!! The United States, after 30 or so painful years, finally started to abandon the faith in free market efficiency and 'market knows best', and started overhaul the financial system, and bring regulations back! Because, wall-street only knew what's best for itself!!!
When are we starting to live in the 21st century??!!
I would to appreciate the address of
President of Maldives Mohammed Nasheed.
on World Islamic Economic Forum Foundation in Malaysia.
Dr.Mohammed Ali
I am really worried about him. Who made his speech? He was totally out of topic and was talking about some basic information about Islamic economies. The audience was not school boys. They were professionals and experts in islamic economics. He never said a single word about islmic banking which was a major topic raised in the conference. He tried to get some "benefit" himself. Hope he will do much better next time.
“Islam and commerce are synonymous”?? This is the biggest joke I heard in ages. Mr. President, OIC member countries account for only 6-7% of world trade! Looks like President Nasheed is determined to become the laughing stock where ever he goes.
WTF is this, the forum is organised by the Maldivian High Comm. Or the staff is engaged with President and his delegation on sight seein or shoppin?
Following announcement from Maldivian High Comm. in Malaysia.
President of Maldives to Malaysia from 19th to 20th of May to participate in the 6th WIEF.
Dear All,
In conjunction with the visit of the President of Maldives to Malaysia from 19th to 20th of May to participate in the 6th World Islamic Economic Forum, the High Commission staffs are engaged and unable to issue or provide consular services within the same day. However, the High Commission will be open on usual business hours with minimal staff, and all applications will be received and processed latest by the following day.
We thank you for your understanding and like to express regret for any inconveniences.
rushdi says "Islam and commerce are synonymous?? This is the biggest joke I heard in ages."
Hello rushdi, I think you need to read the President's entire speech before jumping to conclusions. He never said, that Islamic countries are major traders in today's world!
He observed that historically, Muslims were great traders and Islam as a religion is well integrated with the practices of trade and commerce. If you don't know that, go and do some research to enlighten yourself.
In fact, Islam's Golden Age is marked with tremendous amounts of commerce in the entire Islamic Empire and the advances that took place in science and technology was also hand in hand with this.
Islam has fallen to where it is today due to ignorance of present day Muslims about the true nature of their religion. Muslims of old studied philosophy, science, mathematics, medicine, commerce etc and not just locked themselves in Madrasaas reciting Quran from dawn to dusk!
I am really worried about him. Who made his speech? He was totally out of topic and was talking about some basic information about Islamic economies. The audience was not school boys. They were professionals and experts in islamic economics. He never said a single word about islmic banking which was a major topic raised in the conference. He tried to get some "benefit" himself. Hope he will do much better next time.
Thanks Ahmed for clarifying, i totally agree with you.
I am really sick of seeing most comments made in various forums, has no real pragmatic weight. Whats wrong with "Islam & Trade" Dont you all agree that Islam was spread to Asia and other parts of the world through arabic traders.
Not only that I strongly believe the only way forward for muslims and Islam is to prove that Islam is a progressive religion and the way to do that is to prove Muslims are successful.
There are those who take the Shariah compliant concepts in finance and proving them to be an alternative to convention institutions.
A free market that Shariah compliant is the way forward. Countries like Malaysia, Indonesia and some middleeast counties are proving that with islamic financial institution.
This is the way we can regain the lost reputation of Islam by suicide bombers and other extreme elements who call themselves Muslims.
“Islam and commerce are synonymous". In the context used, he was absolutely right, and in my opinion, the speech is very relevant and factual. It would have made known to those attended, a lot of relevant back ground information on Maldives, and our thoughts. I, sincerely admire President Nasheed's speeches on international arena. Well done Mr. President.
Hey Mr. President... this is the first speech I have read of yours which has diluted the confidence I had in you... totally disappointed. What's wrong with you?
people spread the light of islam to the all world and that is great step in this way thanks from pakistan
good efforts thanks from pakistani pepole
HEP the "anni" to deliver "keynote" address at World Symposium on Bluffing".
Regulation within the free market is nothing new Asim. There is such a thing as center-right! You some armchair economist eh?